Imports of HRC in India have increased again as, together with some improvements in demand, imported coil prices have been competitive compared to local offers. Sales have been reported not only for ex-Russia HRC, but also for some ex-Japan tonnages, SteelOrbis has learned.
At least 25,000 mt of ex-Japan SAE1006 HRC have been traded to India recently with the latest price reported at $630-635/mt CFR. Though not confirmed, market reports indicated that most of the import deals for ex-Japan coils were concluded by specialized steel service companies like POSCO India Processing Centres, TT Steel Services Limited and two other standalone re-rolling mills, having supply contracts for automotive grade steel products with passenger car makers.
Also, last week 35,000 mt of ex-Russia HRC were traded to India at around $610/mt CFR. “The major reason for the import deals being signed are the better prices compared to the local market,” a source said. As SteelOrbis reported earlier, India remains among the few importers of ex-Russia HRC, apart from the MENA region.
Local Indian HRC trade prices increased by $9-12/mt since last week to INR 56,800-57,500/mt ($700-709/mt) ex-warehouse, as reported yesterday.